, by 32.4% in October 2024.){kind=link}
According to recent filings, Fidelity Investments has raised its valuation of Elon Musk’s social media platform, X (formerly Twitter), by 32.4% in October 2024.
This marks the largest increase since Musk’s acquisition of the platform in 2022 for $44 billion, as detailed in the filings.
Despite the significant 32% uplift, the updated valuation is still nearly 72% lower than the original purchase price, reflecting the ongoing challenges faced by the platform in fully recovering its previous worth.
However, the increase in valuation signals renewed investor optimism surrounding X’s future prospects.
The latest filings indicate that the positive adjustment comes amidst efforts by Musk to rebrand and reshape X’s monetization strategy, including pushing for greater subscription revenue and enhanced user engagement.
Furthermore, the platform has made strides in integrating advanced technologies like artificial intelligence, an area Musk has aggressively pursued through his AI company, xAI.
Fidelity’s updated valuation of X highlights a shift in sentiment towards the platform, signaling that, despite the hurdles, there are promising indicators of growth and innovation. Musk’s ventures in both social media and AI have been central to his broader strategy of expanding technological capabilities.
The increase in X’s valuation also aligns with developments in xAI, which raised $6 billion in Series C funding. Major investors such as Sequoia Capital, Morgan Stanley, and BlackRock have backed the AI startup, further boosting Musk’s tech portfolio.
xAI is focused on developing advanced AI models, including Grok 3, which aims to compete in the rapidly expanding AI landscape.
These recent filings illustrate Fidelity’s growing confidence in Musk’s ability to turn around both X and his other ventures, despite the initial hurdles faced after his acquisition of Twitter.
While critics have questioned the initial price paid for Twitter, Musk’s aggressive innovation strategy may eventually bring the platform closer to its original valuation, offering hope for future growth.
Also Read
Aletha Maybank to Step Down as AMA’s Chief Health Equity Officer
Navigating the 2025 Tax Brackets: Key Changes and Tips for Taxpayers